Columbia Thermostat Fund
                                 Class Z Shares

                         Supplement to Prospectus dated
                               September 25, 2002


The following text replaces the description of the Liberty Select Value Fund,
Class Z, on page 6 of the Fund's prospectus:


    Select Fund seeks long-term growth.

    The Fund invests, under normal market conditions, primarily in middle
    capitalization stocks. These are stock of mid-size companies that have
    market capitalizations similar in size to those companies in the Russell
    MidcapTM Value Index. As of September 30, 2002, that index included
    companies with capitalizations between approximately $224 million and $11
    billion.

    Additional strategies that are not principal investment strategies and the
    risks associated with them are described below under "Other Investment
    Strategies and Risks."




143-36/602L-1002

                           October 21, 2002